GBPUSD update

GBPUSD is undergoing a daily downtrend. Since there is a daily supply zone near the short-term high, a daily downtrend may follow if this is reached. Below is a 4-hour demand zone that can be followed by a 4-hour uptrend. Therefore, if the rebound is successful in the 4-hour demand zone, it is highly likely to rise again to the daily supply zone.

Since GBPUSD has risen above the blue support line below the chart, if the uptrend continues, the bottom is likely to be the starting line of a new weekly correction trend for the uptrend, and if so, it is likely to proceed with the weekly correction process propagated by the daily uptrend.

Even if there is a retracement in the daily supply zone, if it rises again to gain support, it is likely to move towards the weekly supply zone.

Conversely, if it is pushed down from the daily supply zone and breaks the support of the 4 hour demand zone below, it will be a case of a daily downward wave. And if it is pushed down from the weekly supply zone, a weekly downtrend will start, and in this case, a very large downtrend may occur.

If it breaks above the blue line in the middle of the chart and settles down, it will be a monthly correction process accompanied by a large rise.